Canadian Natural Resources Limited Announces Acquisition of 100% Working Interest in the Joslyn Oil Sands Project
August 31 2018 - 08:30AM
Canadian Natural Resources Limited Announces Acquisition of 100%
Working Interest in the Joslyn Oil Sands Project
Canadian Natural Resources Limited (“Canadian Natural” or the
“Company”) announces that it has entered into an agreement to
acquire a 100% working interest in the Joslyn oil sands project for
a total consideration of $100 million cash on closing and annual
cash payments of $25 million over each of the next five
years. The Joslyn lease, which is located directly south of
the Company’s current Horizon Oil Sands Mining and Upgrading
project (“Horizon”), adds significant value to the Company’s
already extensive portfolio of high quality long life low decline
assets and will allow for more effective lease-line development
opportunities between the Horizon and Joslyn projects.
The transaction, subject to regulatory approval,
is targeted to close on September 28, 2018.
Canadian Natural’s long life low decline assets,
complemented by its low capital exposure assets, provide balance
and flexibility in generating long-term shareholder value.
Canadian Natural is a senior oil and natural gas
production company, with continuing operations in its core areas
located in Western Canada, the U.K. portion of the North Sea and
Offshore Africa.
CANADIAN NATURAL RESOURCES LIMITED |
2100, 855 - 2nd Street S.W. Calgary, Alberta, T2P4J8Phone:
403-514-7777 Email: ir@cnrl.comwww.cnrl.com |
|
STEVE W. LAUTExecutive Vice-Chairman TIM
S. MCKAYPresident COREY B. BIEBERChief
Financial Officer and Senior Vice-President, Finance MARK
A. STAINTHORPEVice-President, Finance – Capital Markets
Trading Symbol - CNQToronto Stock ExchangeNew York Stock Exchange
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